The Price of Ethereum is undergoing a major setback due to an ongoing BTC selloff. As the general crypto markets shared the brunt of the force, Ethereum crashed below a critical point of support at $200 and was trading around $199 as of May 22, 06:59 hours UTC.
As evident price decline sets in, Ethereum plunged below the critical support level at $200. At the moment, the ETH/USD trading pair is moving towards the $195 mark.
Currently trading at $198, the top cryptocurrency is displaying signs of a possible plunge below the resistance at $195. At this point, a move towards $190 is quickly forming.
ETH 24-Hour Price Action And Market Capitalization
The price of Ethereum plunged by around $14 within the last 24 hours. This indicates about a 5% decline in price and market capitalization fell accordingly. This Price change may be the effect of Wednesday’s announcement of the movement of some early-minted BTC which caused a panic sell.
As of Friday, May 22, 06:24 hours UTC, the price of Ethereum is $199.88. However, about $13.41 billion of the volume was exchanged while maintaining about $22.19 billion of market capitalization.
These values bent towards a bearish bias amid a 5% negative market action since yesterday. Market capitalization now sits at $22.19 billion as price moves towards $190.
Ethereum (ETH) Technical Analysis
As ETH is still below $200, we can evaluate the market as bearish right now. The coin would still need to surge higher and smash above the resistance at $220 to turn bullish again.
A closing candle below $175 would put Etheruem in threat of twisting bearish in the short term.
If the buyers proceed to drive the price higher, the early point of resistance lies at $200. Above the $200 area, resistance is anticipated at $206 (1.414 Fib Extension), $218 (bearish .786 Fib Retracement), and $224 (1.618 FIb Extension).
Above this, expanded resistance point is located at $235 (bearish .886 Fib Retracement), $240, and $250.
On the downside, the initial level of support lies on the surging trend line. Below the trend line, support is found at the 100-days EMA at $180, $176 (.382 Fib Retracement), and $160 (.5 Fib Retracement).